According to Bloomberg News, UK-based vaping company Plxsur entered administration after failing to secure new investment and exhausting its cash reserves, before being sold out of insolvency for £76,500 (about $97,000), “abruptly ending its ambitions to build a global vaping roll-up.” Bloomberg, citing documents from administrator KR8 Advisory Ltd., reported that Plxsur had signed 12 option agreements to acquire vaping businesses — including manufacturers in Latvia and the Czech Republic — but ultimately completed none of the deals, with its own projections of capturing 10% of the global market and reaching $1 billion in annual revenue described as aspirational. The report said Plxsur unsuccessfully pursued a sale process with Goldman Sachs, later sought debt financing via Stifel, and explored funding proposals involving HPS Investment Partners and Cartesian Capital Group, all of which fell through, before deteriorating finances pushed the company into insolvency in late 2025 and its eventual purchase by shareholder James Cox.
